Kilkenny Hotel Development Opportunity on the market
Dublin, March 2020 – Joint agents CBRE and Bagnall Doyle MacMahon have confirmed their instructions to offer to the market for sale by private treaty a prime hotel development opportunity located within Kilkenny City.
The 0.27 ha (0.66 acre) site is centrally located close to Kilkenny Train Station at MacDonagh Junction and to the MacDonagh Junction Shopping Centre and the IMC Cinemas on what was part of the well-known former Mart site. The site comprises the former Ormonde Tourist Hostel (a Protected Structure), and is situated within the Michael Street / Wolfe Tone Street area close to the famous Langton’s Hotel in Kilkenny.
A Feasibility Study for a 106-bedroom hotel with conference and banqueting facilities has been prepared by James Mitchell Architects and Brock McClure Planning Consultants which comprises a new build building linking in to the existing building on the site. In 2005, a similar proposed hotel development with 108 guest bedrooms was granted planning permission, but this planning has subsequently lapsed.
The site is zoned “General Business” under the Kilkenny City and Environs Development Plan 2014 – 2020 with the stated objective “to provide for general development”. Land uses listed as being “Permitted in Principle” include hotels, motels and guesthouses.
Kilkenny is one of Ireland’s most popular tourist destinations on Ireland’s Ancient East tourist trail renowned for its night life, restaurants, bars, festivals, historic buildings, museums, art galleries and public gardens. Kilkenny Castle (with 800,000 visitors in 2018) and the Medieval Mile are key attractions for international tourists, while its reputation as a lively compact city makes it very appealing to domestic and short stay tourists, particularly at weekends. As a result of this popularity, Kilkenny has developed as a major tourist destination, but its hotel stock has remained static over the past number of years.
"The sale of this hotel site within Kilkenny City offers an excellent opportunity for hotel operators and investors to acquire and develop a large hotel within the busy Kilkenny area where there is strong demand. Opportunities such as this are rare, a once in a lifetime opportunity. The property is situated in a rapidly developing area of the city with upside business potential."
Declan Bagnall, Director, Bagnall Doyle MacMahon, added: “The hotel site has a feasibility study for a 106-bedroom hotel incorporating the conversion of the Protected Structure to hotel use along with a new build block containing bedrooms and food and beverage facilities. The site, and its garden, is full of character adding a historic element to the development. As there is lapsed planning on the site, planning risk is quite low”.
Offers in excess of €1.0m are being sought for the hotel development site.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie